Wisconsin Pension Board Boosts Bitcoin Bet to $335M

The State of Wisconsin Investment Board (SWIB) has significantly increased its exposure to Bitcoin by purchasing more shares in BlackRock's iShares Bitcoin Trust (IBIT) ETF, according to a recent SEC filing. The board now owns over 6 million shares of the fund, valued at approximately $335.9 million.

This move comes after the SWIB disclosed last year that it had bought shares from both BlackRock and Grayscale Bitcoin ETFs, collectively worth $163 million at the time. However, the latest filing indicates that the SWIB's crypto exposure is now exclusively with IBIT.

The SWIB is responsible for managing the pension funds and other trusts for the citizens of Wisconsin. Its investment portfolio spans various asset classes, including tech stocks and gold.

The SEC's approval of 11 spot Bitcoin ETFs last year has opened up new avenues for investors to gain exposure to the cryptocurrency market without the need to store the asset themselves. This approval has led to a surge in investor capital and Bitcoin's price reaching new all-time highs, most recently approaching $109,000 in January.

Institutional investors, including pension funds, have been increasingly drawn to the crypto space through these regulated funds. The State of Michigan Retirement System, for instance, disclosed last year that it had bought shares in both Bitcoin and other cryptocurrencies.

The SWIB's decision to boost its Bitcoin ETF holdings and focus on BlackRock's offering suggests a growing confidence in the crypto market and a preference for established investment vehicles. As more institutional investors follow suit, the crypto market is expected to continue its growth trajectory.